N.S. offers retirement fund top-ups for doctors, hoping they’ll stick around
The Nova Scotia government is creating a retirement benefits program for doctors in hopes the public money will keep more physicians in the province.
Premier Tim Houston announced Wednesday the annual contributions are going to be available to the province’s roughly 3,000 doctors at an estimated cost of up to $22 million for the 2024 tax year — with the cost expected to grow as more physicians sign on.
The annual retirement benefit top-ups were cited by Houston as evidence his party is fulfilling an election platform promise to create a “retirement fund” for doctors.
Dr. Gehad Gobran, the president of Doctors Nova Scotia, said during a news conference that the program is expected to attract new physicians because in the first five years of practice they can receive $5,000 annually to put toward their retirement savings without making matching contributions.
Doctors who have practised between five and 15 years can receive up to $10,000 annually, if they’ve put in matching funds, while doctors with over 15 years of practice can receive up to $15,000 annually, provided they’ve contributed that amount.
Health Department officials said doctors can invest the money in their choice of retirement funds, whether they be tax-free savings accounts, RRSPs or an independent pension fund.
Houston said the program is designed to “recognize the high cost of establishing a practice coming right out of [medical] school,” while also aiming to retain doctors as they settle into careers.
